tesco credit card. what does this mean

xxjojo1986xx

Interest Free Period

• Maximum 51 days for purchases if you pay your balance in full and on time, and have paid the previous month's balance in full and on time.
• There is no interest free period on cash advances or money transfers.
• Interest free period on balance transfers only applies during the introductory period.

I recently paid my car insurance in full on my Tesco credit card hoping to be able to spread the cost over the year with the 13 months interest free but this has confused me can anyone help.
Thanks

jonesMUFCforever

It means you will not pay any interest on the purchase as long as you pay at least the minimum required by the due date each month and completely clear the balance by the statement date before the end of the introductory period.

noelphobic

xxjojo1986xx wrote: »

Interest Free Period

• Maximum 51 days for purchases if you pay your balance in full and on time, and have paid the previous month's balance in full and on time.
• There is no interest free period on cash advances or money transfers.
• Interest free period on balance transfers only applies during the introductory period.

I recently paid my car insurance in full on my Tesco credit card hoping to be able to spread the cost over the year with the 13 months interest free but this has confused me can anyone help.
Thanks

if you have had an offer of 13 months interest free on purchases then that will be fine. If they are only offering 13 months interest free on balance transfers then you will have to pay the credit card bill for the car insurance in full by the due date or you will be charged interest.

Pound

Looks a bit misleading to me, "balance" is the full amount on your card; normally you would pay this each month if you wanted to avoid paying interest. But because of the offer (13 months 0% on purchases) what you actually need to pay is the "minimum payment" to avoid interest. Looks to me like these are the conditions that will apply once the introductory period has ended.

p00hsticks

Pound wrote: »

Looks a bit misleading to me, "balance" is the full amount on your card.

It could be that the T&Cs quoted by the OP are for after the introductory offer is over - as you say, the quote relates to the standard conditions discussing the fact that the card is interest free if the balance is paid in full each month.

YorkshireBoy

Think of it this way...

You get up to 51 days interest free.

If you don't pay your balance in full at the end of the month you'll be charged interest at the rate prevailing.

Fortunately, the interest rate you'll be charged during the first 13 months is...0%

Robert2009

But you will have to pay the minimum payment shown on the statement.

xxjojo1986xx

Thanks
so as long as i pay the min payment each month and clear it in the 13 moths ill be ok